Citigroup to Boost China Staff by a Third This Year

Citigroup plans to add about 1,000 employees to its China operations this year, boosting its staff numbers in the country to around 4,000, the bank's chief executive for China said on Wednesday.

Richard Stanley also told reporters that Citigroup was eager to do brokerage business in China and was in discussions with a number of local securities houses about the possibility of a partnership.

However, he added that he had no idea when the Chinese government would lift its current suspension of approvals for foreign investors to buy local brokerages.

In December China opened its retail yuan banking market to foreign institutions under its World Trade Organisation commitments, and Citigroup is one of more than a dozen foreign banks planning to incorporate locally to do this business.